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Retail engagement platform Netree on Tuesday called for further rationalisation of the goods and services tax (GST) by restricting the number of tax slabs at two to promote the retail sector growth as too many slabs create compliance burden for small and medium retailers.
“Rationalisation of GST should be done with just one to two plainer slabs along with simplification on account of filing of returns,” Desi Valli, founder and CEO of Netree, said in a statement.
He also urged the government to look at simplifying the procedures for filing returns.
Too many slabs create compliance burden for small and medium retailers, he said.
“As we need to deal with all the stakeholders in retail value chain, simplification of procedure will make the compliance easier and error free,” Valli said.
Further, Valli demanded tax incentives on digital payments for small and medium retailers to be announced in the forthcoming budget to promote digital transactions.
“Government must propose separate funds to organise start-up meets to enable various stakeholders to meet and explore opportunities,” he added.
(With PTI Inputs)

SMEs to be focus area in Maharashtra budget: state finance minister

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The Maharashtra government has no scope to increase direct revenues, state finance minister Sudhir Mungantiwar said in Mumbai on Tuesday, adding that the state budget, to be tabled on 9 March, will focus on boosting agriculture and creating jobs.
“After introduction of GST, we are not left with [much] options to increase sources of direct revenues. We cannot raise prices of fuel and alcohol because the market is already saturated. Any further increase will give rise to illegal sale of liquor,” Mungantiwar said.
In such a situation, the only option before the government is to increase non-tax revenue, optimal usage of available funds and desisting from unnecessary expenditure, the minister said.
The BJP-led state government’s ambitious farm loan waiver scheme will entail an additional burden of over Rs 25,000 crore, while implementation of the 7th Pay Commission will cost the state exchequer of Rs 22,630 crore, he said.
“Large-scale infrastructure projects can [only] be undertaken with the help of loans, to be repaid in 20 to 25 years,” he said.
The state budget will be a “realistic” one, Mungantiwar said, adding that “The focus, along with agriculture, will be on giving impetus to small and medium scale industries, which will in turn generate employment opportunities.”
According to the RBI guidelines, the government can borrow loans up to 22.7 per cent of the GDP, he said, adding that the ratio now is 16.3 per cent.
“We are well within the prescribed limit but we do not want to borrow unless absolutely needed,” the minister added.